iXBRL

The newest in financial reporting technology - Inline eXtensible Business Reporting Language (iXBRL) - is an updated XBRL format, that directly embeds the financial tagging of XBRL documents into HTML documents. This allows all reporting information to be displayed and submitted on one document, effectively keeping all information “in-line.” Now filers will only have to submit one comprehensive document rather than having to submit both XBRL and HTML formatted documents.

On June 13, 2016, the SEC declared a voluntary filing period in which firms will be able to file their financial information in iXBRL format. This voluntary filing period’s purpose is to allow the SEC to observe the benefits and costs of using iXBRL, and will end in March 2020.

How will iXBRL affect me?

Inline XBRL formatting is expected to reduce both the time and costs associated with filing reports to the SEC. The new format is also expected to become mandatory in the near future.

What are some of the benefits of filing in iXBRL format?

Reduced Costs: Costs associated with having to file both XBRL and HTML documents to the SEC will be reduced by having to file only iXBRL documents.

Reduced Preparation Time: Having to file in only iXBRL format will reduce the traditional amount of time needed to file documents in two formats.

Improved Data Quality: The new structure of iXBRL documents allows readers to view XBRL tags when reviewing HTML documents, effectively increasing the amount of information in a particular file, as well as improving its usability.

How can I start filing with iXBRL?

As a full-service transfer agent, Colonial Stock Transfer now supports iXBRL filing. We pride ourselves for our wealth of industry knowledge and are constantly seeking to improve our services. Please contact us for a quote today, or visit our blog for more information.